01 October 2019
Professional fee invoice of Rs. 1 lacs plus GST @ 18% was received from ABC ltd on 25th may 2019. the same was paid on 05th June 2019? What will be journal entry for same and its effect in profit and loss account and balance sheet?
01 October 2019
Dr. professional fee - Rs 1lakh
Dr. Gst tax - Rs. Xxx
Cr. ABC Ltd - Rs. 1lakh + gst...
Payment as
ABC Ltd - Rs 1lakh + Gst dr
to Bank A/c - Rs. 1lakh + gst...
After paid no figures in BS. In PandL the professional fee value is there...
GST Tax values in BS. If it's paid then it's also not in BS.
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